Which of the following terms refers to an estimation of what a price should be based on information gathered by a customer from sources such as advice,advertisements,or comparison shopping?

Question

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External reference price refers to the price estimate provided by the customers based on information gathered from external sources such as advertisements, advice, or comparison shopping. Mark-up price refers to the price added to the cost of a product by the seller to make a profit. Budget-based price and augmented price are not related to price estimation based on external sources.

Which of the Following Terms Refers to an Estimation of What